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Photo by National Hockey League
Counterfeit Wings jersey seized by federal agents during "Operation Team Player." Story

Orr testifies for deal to end swap agreements

Detroit Emergency Manager Kevyn Orrtestified in federal court Friday in favor of a controversial settlement deal between the city and two banks to end burdensome swap agreements and get $120 million in "quality of life" loans for city operations. Orr said he consulted the U.S. Securities and Exchange Commission about possible legal action against creditors UBS AG and Merrill Lynch in the weeks before filing for bankruptcy last July.

On the move

Jim Schwartz

• The Detroit Lionsfired head coachJim Schwartz, 47, after five seasons and a 29-51 regular-season record. Schwartz reportedly will be paid $12 million for the final two years of his contract extension, signed in July 2012.

Company news

• Bonefish Grill and Carrabba's Italian Grill in Troy will open their doors to the public Jan. 13 as part of an $11 million economic development project along a three-mile stretch of Big Beaver Road.

• Troy-based Flagstar Bancorp Inc.agreed to pay the Federal Home Loan Mortgage Corp. — commonly known as Freddie Mac — $8.9 million to resolve repurchase requests for home loans originated between Jan. 1, 2000, and Dec. 31, 2008. The total resolution was $10.8 million including credits and adjustments, Flagstar said in a statement.

• Troy-based technology and powertrain components supplier Delphi Automotivesaid it plans to demonstrate new automated driving technologies at the Consumer Electronics Show in Las Vegas this month.

Other news

Photo by Crain's Detroit Business
A developer from Peru has the deed to the Packard plant.

• The deed for the Packard plant on Detroit's east side was issued to Peru-based developer Fernando Palazuelo after he finalized a $405,000 payment to Wayne County, county officials said.

• The city of Detroit and the Michigan Department of Transportationwill host a joint public hearing Jan. 22 to discuss their operating licenses for the $137 million M-1 streetcar line planned for Woodward Avenue.

• The Detroit Zoo's attendance in 2013 topped 1.3 million for the first time in 16 years and was up from 1.27 million visitors in 2012, zoo officials said.

• Conservative leaders and activists announced the formation of the Michigan Conservative Energy Forum to support basing energy policy on the use of renewable resources and energy-efficiency programs, the AP reported.